<SEC-DOCUMENT>0001104659-22-061347.txt : 20220516
<SEC-HEADER>0001104659-22-061347.hdr.sgml : 20220516
<ACCEPTANCE-DATETIME>20220516162141
ACCESSION NUMBER:		0001104659-22-061347
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20220516
DATE AS OF CHANGE:		20220516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Electra Battery Materials Corp
		CENTRAL INDEX KEY:			0001907184
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264982
		FILM NUMBER:		22929487

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 20059
		STREET 2:		BAY ADELAIDE P.O.
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 0A1
		BUSINESS PHONE:		416-900-3891

	MAIL ADDRESS:	
		STREET 1:		ELECTRA HEAD OFFICE
		STREET 2:		401 BAY STREET, 6TH FLOOR
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2Y4
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>tm2215344d1_f10.htm
<DESCRIPTION>F-10
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May&nbsp;16, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;F-10<BR>
REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELECTRA BATTERY MATERIALS CORPORATION&dagger;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3330</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Province or other Jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of Incorporation or Organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification Code Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>133 Richmond Street W, Suite&nbsp;602</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto, Ontario, Canada</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>M5H 2L3</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(416) 900-3891</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and telephone number of Registrant&rsquo;s
principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CT Corporation System</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>28 Liberty Street</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10005</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 894-8940</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of agent for
service in the United States)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Copies to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ryan J. Dzierniejko,&nbsp;Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom
    LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One Manhattan West</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10001</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 735-3000</B></P></TD>
    <TD STYLE="width: 34%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trent Mell</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Electra Battery Materials Corporation</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>133 Richmond Street W, Suite&nbsp;602</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto, Ontario, Canada M5H 2L3</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(416) 900-3891</B></P></TD>
    <TD STYLE="width: 33%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sam Cole,&nbsp;Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cassels, Brock&nbsp;&amp; Blackwell LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite&nbsp;2200, HSBC Building, 885 West Georgia
    St.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vancouver, British Columbia, Canada V6C 3E8</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(604) 691-6100</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Approximate date of commencement of proposed sale
of the securities to the public:<BR>
<B>From time to time after this Registration Statement becomes effective.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal jurisdiction regulating this offering)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is proposed that this filing shall become effective
(check appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify; width: 0.33in">&#128505;</TD>
                                                                                                                                                                <TD STYLE="text-align: justify">Upon filing with the Commission, pursuant to Rule&nbsp;467(a)&nbsp;(if in connection with an offering being made contemporaneously in
the United States and Canada).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify; width: 0.33in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
                                                                                                                                                                <TD STYLE="text-align: justify">At some future date (check the appropriate box below):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
                                                                                                                                                <TD STYLE="text-align: justify">pursuant to Rule&nbsp;467(b)&nbsp;on (<I>date</I>) at (<I>time</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings; color: #0070c0"></FONT></TD>
                                                                                                                                                <TD STYLE="text-align: justify">pursuant to Rule&nbsp;467(b)&nbsp;on (<I>date</I>) at (<I>time</I>) because the securities regulatory authority in the review jurisdiction
has issued a receipt or notification of clearance on (<I>date</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings; color: #0070c0"></FONT></TD>
                                                                                                                                                <TD STYLE="text-align: justify">pursuant to Rule&nbsp;467(b)&nbsp;as soon as practicable after notification of the Commission by the Registrant or the Canadian securities
regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings; color: #0070c0"></FONT></TD>
                                                                                                                                                <TD STYLE="text-align: justify">after the filing of the next amendment to this Form&nbsp;(if preliminary material is being filed).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to the home jurisdiction&rsquo;s
shelf prospectus offering procedures, check the following box. </FONT>&#128505;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&dagger; Formerly First Cobalt Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART&nbsp;I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 1 TO SHORT FORM&nbsp;BASE SHELF
PROSPECTUS DATED <BR>
NOVEMBER 26, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 0.05in; padding-left: 0.05in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 64%; padding-right: 0.05in; padding-left: 0.05in; font-size: 10pt; text-align: center"><IMG SRC="tm2215344d1_f10img001.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 0.05in; padding-left: 0.05in; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;30,
    2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIRST COBALT CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$70,000,000<BR>
Common Shares<BR>
Warrants<BR>
Subscription Receipts<BR>
Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The short form base shelf prospectus of First
Cobalt Corp. (&ldquo;<B>First Cobalt</B>&rdquo; or the &ldquo;<B>Corporation</B>&rdquo;) dated November&nbsp;26, 2020 (the &ldquo;<B>Prospectus</B>&rdquo;)
is hereby amended by this amendment to increase the total offering price of the securities of the Corporation listed above (the &ldquo;<B>Securities</B>&rdquo;)
that may be offered from time to time under the Prospectus from $20,000,000 to $<B>70,000,000 </B>(or the equivalent thereof in U.S.
dollars or other currencies). In particular, the Prospectus is amended by deleting all references to &ldquo;$20,000,000&rdquo; contained
within the Prospectus and substituting therefor &ldquo;$<B>70,000,000</B>&rdquo;. Capitalized terms used but not otherwise defined in
this amendment have the meanings ascribed thereto in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Prospectus hereby amended by
this amendment by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">deleting the reference to &ldquo;the
                                            Corporation&rsquo;s annual information form for the year ended December&nbsp;31, 2019, dated
                                            August&nbsp;5, 2020&rdquo; in the fifth paragraph under the section titled &ldquo;Cautionary
                                            Note Regarding Forward-Looking Statements&rdquo; and replacing it with &ldquo;the Corporation&rsquo;s
                                            annual information form for the year ended December&nbsp;31, 2020, dated April&nbsp;15, 2021&rdquo;;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">deleting the second paragraph under
                                            the section titled &ldquo;Documents Incorporated by Reference&rdquo; and replacing it with
                                            the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;The following documents, filed
by the Corporation with the securities commissions or similar authorities in certain of the provinces and territories of Canada are specifically
incorporated by reference into, and form an integral part of, this Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Annual Information Form;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Corporation&rsquo;s audited consolidated
                                            financial statements for the years ended December&nbsp;31, 2020 and 2019, and related notes
                                            thereto, together with the independent auditor&rsquo;s report thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the management&rsquo;s discussion and analysis
                                            for the year ended December&nbsp;31, 2020;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</FONT>-</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Corporation&rsquo;s unaudited condensed
                                            interim consolidated financial statements for the three and nine months ended September&nbsp;30,
                                            2021 and 2020 and related notes thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the management&rsquo;s discussion and analysis
                                            for the three and nine months ended September&nbsp;30, 2021;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the material change report of the Corporation
                                            dated January&nbsp;29, 2021 regarding the closing of the bought deal offering of Units at
                                            a price of $0.31 per Units for aggregate gross proceeds of $9,775,230;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">the material change report of the Corporation
                                            dated April&nbsp;5, 2021 regarding the amendment to the Glencore Loan Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">the material change report of the Corporation
                                            dated September&nbsp;2, 2021 regarding the closing of the US$37,500,000 principal amount
                                            of 6.95% senior secured convertible note offering (the &ldquo;<B>Note Offering</B>&rdquo;),
                                            and the brokered overnight-marketed public offering of Common Shares at a price of $0.25
                                            per Common Share for aggregate gross proceeds of $9,537,500 (&ldquo;<B>Equity Offering</B>&rdquo;);
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the management information circular of the
                                            Corporation dated October&nbsp;22, 2021 in connection with the annual general and special
                                            meeting of shareholders of the Corporation to be held on December&nbsp;2, 2021.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">deleting the paragraph under the section
                                            titled &ldquo;Auditors&rdquo; and replacing it with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;KPMG LLP, Chartered Professional
Accountants, are the independent auditors of the Corporation and are independent of the Corporation within the meaning of the relevant
rules&nbsp;and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First Cobalt has distributed Units with an aggregate
principal amount of $9,775,230 under the Prospectus. On February&nbsp;22, 2021, First Cobalt also established an at-the-market equity
program of up to $10,000,000 Common Shares under the Prospectus (the &ldquo;<B>ATM Program</B>&rdquo;), pursuant to which the Corporation
raised an aggregate of $686,274.10. The ATM Program was terminated effective upon closing of the Note Offering and the Equity Offering.
In connection with the Equity Offering, First Cobalt has also distributed Common Shares with an aggregate principal amount of $9,537,500
under the Prospectus. Following which, the Corporation is satisfied that it has sufficient cash resources to fund operations and planned
construction over the next 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All information permitted under applicable law
to be omitted from the Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together
with the Prospectus. Each Prospectus Supplement will be incorporated by reference into the Prospectus for the purposes of securities
legislation as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities to which the
Prospectus Supplement pertains. You should read the Prospectus (including any amendment thereto) and any applicable Prospectus Supplement
carefully before you invest in any Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr.&nbsp;C.L. &ldquo;Butch&rdquo; Otter, a
director of the Corporation, and Steven J. Ristorcelli, C.P.G., P.G. and Joseph Schlitt, MMSA QP, each a qualified person, reside outside
of Canada. Mr.&nbsp;Otter has appointed Cassels Brock&nbsp;&amp; Blackwell LLP, Suite&nbsp;2200, 885 West Georgia Street, Vancouver,
British Columbia, V6C 3E8 as agent for service of process in Canada. Purchasers are advised that it may not be possible for investors
to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for
service of process.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &ldquo;SEC&rdquo;) OR ANY STATE SECURITIES COMMISSION OR REGULATOR
NOR HAS THE SEC OR ANY STATE SECURITIES COMMISSION OR REGULATOR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</FONT>-</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Corporation is permitted, under the multi-jurisdictional
disclosure system adopted by the securities regulatory authorities in the United States and Canada, to prepare this Prospectus in accordance
with Canadian disclosure requirements, which are different from United States disclosure requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Corporation prepares its annual financial
statements, certain of which are incorporated by reference herein, in Canadian dollars and in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;) and its interim financial statements
in Canadian dollars and in accordance with IFRS as applicable to interim financial reporting, and they therefore may not be comparable
to financial statements of United States companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Owning our securities may subject you to tax
consequences both in Canada and the United States. Such tax consequences are not fully described in the Prospectus and may not be fully
described in any applicable Prospectus Supplement. You should read the tax discussion in any Prospectus Supplement with respect to a
particular offering and consult your own tax advisor with respect to your own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>See &ldquo;<I>Cautionary Statement Regarding
Forward-Looking Statement</I>&rdquo; and &ldquo;<I>Risk Factors</I>&rdquo; beginning on pages&nbsp;4 and 11 of the Prospectus, and the
documents incorporated therein by reference and the applicable Prospectus Supplement, for a discussion of certain risks that you should
consider in connection with an investment in these Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Prospectus must be read together with this
amendment, any documents incorporated or deemed to be incorporated by reference therein from time to time and any supplements relating
to an offering of Securities thereunder. The statements contained in the Prospectus or in a document incorporated or deemed to be incorporated
by reference therein on or subsequent to November&nbsp;26, 2020 are modified or superseded for the purposes of this amendment to the
extent that a statement contained in any subsequently filed document, which also is or is deemed to be incorporated by reference therein,
modifies or supersedes that statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"> - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</FONT>-</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHORT FORM&nbsp;BASE SHELF PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 0.05in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>New Issue</U></I></FONT></TD>
    <TD STYLE="width: 64%; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><IMG SRC="tm2215344d1_f10img003.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;26, 2020</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIRST COBALT CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$20,000,000<BR>
Common </B></FONT><B>Shares<BR>
Warrants<BR>
Subscription Receipts<BR>
Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This short form base shelf prospectus (the &ldquo;<B>Prospectus</B>&rdquo;)
relates to the offering for sale from time to time (each, an &ldquo;<B>Offering</B>&rdquo;), during the 25-month period that this Prospectus,
including any amendments hereto, remains effective, of the securities of First Cobalt Corp. (&ldquo;<B>First Cobalt</B>&rdquo; or the
 &ldquo;<B>Corporation</B>&rdquo;) listed above (the &ldquo;<B>Securities</B>&rdquo;) in one or more series or issuances, with a total
offering price of such Securities, in the aggregate, of up to C$20,000,000 (or the equivalent thereof in U.S. dollars or other currencies).
The Securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at
the time of the sale and set forth in an accompanying prospectus supplement (a &ldquo;<B>Prospectus Supplement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific terms of the Securities with respect
to a particular offering will be set out in the applicable Prospectus Supplement and may include, where applicable: (i)&nbsp;in the case
of Common Shares, the number of Common Shares offered; the offering price; whether the Common Shares are being offered for cash or on
exercise of Special Warrants (as defined below); and any other material terms or conditions of the Common Shares; (ii)&nbsp;in the case
of Warrants, the designation and aggregate number of Warrants offered; the price at which the Warrants will be offered; the date on which
the right to exercise the Warrants will commence and the date on which the right will expire; the number of Common Shares that may be
purchased upon exercise of each Warrant and the price at which and currency or currencies in which the Common Shares may be purchased
upon exercise of each Warrant; and any other material terms or conditions of the Warrants; (iii)&nbsp;in the case of Subscription Receipts,
the designation and aggregate number of Subscription Receipts offered; the price at which the Subscription Receipts will be offered; the
designation, number and terms of the Common Shares, Warrants, Units or any combination thereof to be received by holders of Subscription
Receipts upon satisfaction of the release conditions, and the procedures that will result in the adjustment of those numbers; and any
other material terms or conditions of the Subscription Receipts; and (iv)&nbsp;in the case of Units, the designation and aggregate number
of Units being offered; the price at which the Units will be offered; the designation and terms of the Units and the applicable Securities
included in the Units; the description of the terms of any agreement governing the Units; any provision for the issuance, payment, settlement,
transfer or exchange of the Units; and any other material terms or conditions of the Units. See &ldquo;Description of Securities Being
Distributed&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issued and outstanding common shares of the Corporation (the &ldquo;<B>Common Shares</B>&rdquo;) are listed and posted for trading on
the TSX Venture Exchange (the &ldquo;<B>TSXV</B>&rdquo;) under the symbol &ldquo;FCC&rdquo; </FONT>and on the OTCQX under the symbol &ldquo;FTSSF&rdquo;.
On November&nbsp;25, 2020, the last full trading day prior to the date of this Prospectus, the closing price per Common Share on the TSXV
was $0.13. <B>Unless otherwise specified in the applicable Prospectus Supplement, there is no existing trading market through which the
warrants (the &ldquo;Warrants&rdquo;), the subscription receipts (the &ldquo;Subscription Receipts&rdquo;) or the units (the &ldquo;Units&rdquo;)
may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of such
Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities and the extent
of issuer regulation. No assurances can be given that a market for trading in Securities of any series or issue will develop or as to
the liquidity of any such market, whether or not the Securities are listed on a securities exchange. See &ldquo;Risk Factors&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All information permitted under applicable law
to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together
with this Prospectus. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities
legislation as of the date of the Prospectus Supplement and only for the purposes of the distribution of the Securities to which the Prospectus
Supplement pertains. You should read this Prospectus and any applicable Prospectus Supplement carefully before you invest in any Securities.
The Corporation may qualify an &ldquo;at-the-market distribution&rdquo; as defined in National Instrument 44-102 &ndash; <I>Shelf Distributions</I>
(&ldquo;<B>NI 44-102</B>&rdquo;) of the Canadian Securities Administrators. The Corporation may offer and sell Securities through underwriters
or dealers, directly or through agents designated by the Corporation from time to time at amounts and prices and other terms determined
by the Corporation. A Prospectus Supplement will set forth the names of any underwriters, dealers or agents involved in the Offering and
will set forth the terms of the Offering, the method of distribution of such Securities including, to the extent applicable, the proceeds
to the Corporation and any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material
terms of the distribution. In connection with any Offering (unless otherwise specified in a Prospectus Supplement), the underwriters or
agents may, subject to applicable law, over-allot or effect transactions that stabilize or maintain the market price of the Securities
offered at levels other than that which might otherwise exist in the open market. Such transactions, if commenced, may be interrupted
or discontinued at any time. See &ldquo;Plan of Distribution&rdquo;. <B>No underwriter has been involved in the preparation of this Prospectus
or performed any review of the contents of this Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the Securities is speculative
and involves certain risks. The risks outlined in this Prospectus and in the documents incorporated by reference herein and in the applicable
Prospectus Supplement should be carefully reviewed and considered by prospective investors. See &ldquo;Risk Factors&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr.&nbsp;C.L. &ldquo;Butch&rdquo; Otter, a
director of the Corporation, and Steven J. Ristorcelli, C.P.G., P.G. and Joseph Schlitt, MMSA QP, each a qualified person, reside outside
of Canada. Mr.&nbsp;Otter has appointed Cassels Brock&nbsp;&amp; Blackwell LLP, Suite&nbsp;2200, 885 West Georgia Street, Vancouver, British
Columbia, V6C 3E8 as agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce
judgments obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for service of
process.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed an undertaking with the British
Columbia Securities Commission (the &ldquo;<B>BCSC</B>&rdquo;) that we will not distribute in the local jurisdiction under this Prospectus
specified derivatives or asset-backed securities that, at the time of distribution, are novel without pre-clearing with the BCSC the disclosure
to be contained in the Prospectus Supplement pertaining to the distribution of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Owning our securities may subject you to tax
consequences both in Canada and the United States. Such tax consequences are not fully described in this Prospectus and may not be fully
described in any applicable Prospectus Supplement. You should read the tax discussion in any Prospectus Supplement with respect to a particular
offering and consult your own tax advisor with respect to your own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all references to
 &ldquo;$&rdquo;, &ldquo;C$&rdquo; or &ldquo;dollars&rdquo; in this Prospectus refer to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&rsquo;s registered office is located
at Suite&nbsp;2400, Bay Adelaide Centre, 333 Bay Street, Toronto, Ontario, M5H 2T6. The Corporation&rsquo;s corporate head office is located
at 401 Bay Street, 6th Floor, Toronto, Ontario, M5H 2Y4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>DESCRIPTION</U></B></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>PAGE NO.</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_001">4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_002">FINANCIAL INFORMATION AND CURRENCY</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_003">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENT</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_003">4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_004">CAUTIONARY NOTE REGARDING FUTURE-ORIENTED FINANCIAL INFORMATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_004">5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_005">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_005">5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_006">MARKETING MATERIALS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_006">7</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_007">THE CORPORATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_007">7</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_008">RISK FACTORS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_008">11</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_009">CONSOLIDATED CAPITALIZATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_009">13</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_010">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_010">14</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_011">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_011">14</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_012">DESCRIPTION OF SECURITIES BEING DISTRIBUTED</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_012">15</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_013">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_013">19</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_014">PRIOR SALES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_014">19</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_015">TRADING PRICE AND VOLUME</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_015">19</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_016">LEGAL MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_016">19</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_017">INTEREST OF EXPERTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_017">19</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_018">AUDITORS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_018">19</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ss_001">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#ss_001">19</A></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise noted or the context indicates
otherwise, the &ldquo;<B>Corporation</B>&rdquo; and &ldquo;<B>First Cobalt</B>&rdquo; refer to First Cobalt Corp. and its subsidiaries.
You should rely only on the information contained or incorporated by reference in this Prospectus. We have not authorized anyone to provide
you with different or additional information. If anyone provides you with any different, additional, inconsistent or other information,
you should not rely on it. The Corporation is not making an offer to sell or seeking an offer to buy the Securities in any jurisdiction
where the offer or sale is not permitted. The information contained in this Prospectus and the documents incorporated by reference herein
are accurate as of the date of this Prospectus. Our business, financial condition, results of operations and prospects may have changed
since those dates. Information contained on the Corporation&rsquo;s website should not be deemed to be a part of this Prospectus, any
applicable Prospectus Supplement or incorporated by reference herein or therein and should not be relied upon by prospective investors
for the purpose of determining whether to invest in the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>FINANCIAL INFORMATION AND CURRENCY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First Cobalt has prepared its consolidated financial
statements, incorporated herein by reference, in accordance with IFRS as issued by the International Accounting Standards Board which
is incorporated within Part&nbsp;1 of the CPA Canada Handbook &ndash; Accounting, and its consolidated financial statements are subject
to Canadian generally accepted auditing standards and auditor independence standards. As a result, they may not be comparable to financial
statements of United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All currency amounts in this Prospectus are expressed
in Canadian dollars, unless otherwise indicated. References to &ldquo;C$&rdquo; are to Canadian dollars. References to &ldquo;US$&rdquo;
are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus contains &ldquo;forward-looking statements&rdquo; or &ldquo;forward-looking information&rdquo; within the meaning of applicable
securities legislation </FONT>(collectively referred to herein as &ldquo;<B>forward-looking information</B>&rdquo; or &ldquo;<B>forward-looking
statements</B>&rdquo;). Forward-looking statements are included to provide information about management&rsquo;s current expectations and
plans that allows investors and others to get a better understanding of the Corporation&rsquo;s operating environment, the business operations
and financial performance and condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements include, but are not limited to, statements regarding anticipated burn rate and operations; planned exploration and development
programs and expenditures; the Glencore Loan Agreement (as defined below); commercial agreements with respect to feedstock supply with
Glencore (as defined below) and other parties; timelines and milestones with respect to the Refinery; anticipated expenditures and programs
at the Refinery,&nbsp;Iron Creek Project (as defined below) and Cobalt Camp; impact of COVID-19 on the Corporation; the estimation of
mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties and programs; future exploration
prospects; proposed exploration plans and expected results of exploration; First Cobalt&rsquo;s ability to obtain licenses, permits and
regulatory approvals required to implement expected future exploration plans; changes in commodity prices and exchange rates; future growth
potential of First Cobalt; future development plans; and currency and interest rate fluctuations.</FONT> Any statements that express or
involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, identified by words or phrases such as &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;, &ldquo;anticipates&rdquo;,
 &ldquo;believes&rdquo;, &ldquo;plans&rdquo;, &ldquo;projects&rdquo;, &ldquo;estimates&rdquo;, &ldquo;assumes&rdquo;, &ldquo;intends&rdquo;,
 &ldquo;strategy&rdquo;, &ldquo;goals&rdquo;, &ldquo;objectives&rdquo;, &ldquo;potential&rdquo;, &ldquo;possible&rdquo; or variations thereof
or stating that certain actions, events, conditions or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;should&rdquo;,
 &ldquo;might&rdquo; or &ldquo;will&rdquo; be taken, occur or be achieved, or the negative of any of these terms and similar expressions)
are not statements of fact and may be forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements are necessarily based upon a number of factors and assumptions that, if untrue, could cause actual results, performance or
achievements to be materially different from future results, performance or achievements expressed or implied by such statements. Forward-looking
statements are based upon a number of estimates and assumptions that, while considered reasonable by the Corporation at this time, are
inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Corporation&rsquo;s
actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the
material factors or assumptions used to develop forward-looking statements include, without limitation, and general expectations with
respect to the development of the Refinery (as defined below); the state of the electric vehicle (&ldquo;<B>EV</B>&rdquo;) market; the
future price of cobalt; anticipated costs and the </FONT>Corporation&rsquo;s ability to fund its programs; the Corporation&rsquo;s ability
to carry on exploration and development activities; the timing and results of drilling programs; the discovery of additional mineral resources
on the Corporation&rsquo;s mineral properties; the timely receipt of required approvals and permits, including those approvals and permits
required for successful project permitting, construction and operation of projects; the costs of operating and exploration expenditures;
the Corporation&rsquo;s ability to operate in a safe, efficient and effective manner; the potential impact of natural disasters, the impact
of COVID-19; and the Corporation&rsquo;s ability to obtain financing as and when required and on reasonable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements are subject to a variety
of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or
implied. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others: the Refinery and general expectations with respect to the
development of the Refinery; general economic conditions in Canada, the United States and globally; industry conditions, including the
state of the EV market; governmental regulation of the mining industry, including environmental regulation; geological, technical and
drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability
of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility
in market prices for commodities; liabilities inherent in the mining industry; changes in tax laws and incentive programs relating to
the mining industry; the development of the COVID-19 global pandemic, and the other factors described herein under &ldquo;Risk Factors&rdquo;,
as well as in our public filings available at www.sedar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
list is not exhaustive of the factors that may affect any of the Corporation&rsquo;s forward-looking statements. Although the Corporation
believes its expectations are based upon reasonable assumptions and have attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. See the section entitled &ldquo;Risk Factors&rdquo; below,
and in the section entitled &ldquo;Risk Factors&rdquo; in the Corporation&rsquo;s annual information form for the year ended December&nbsp;31,
2019, date</FONT>d August&nbsp;5, 2020 (the &ldquo;<B>Annual Information Form</B>&rdquo;), and incorporated by reference herein, for additional
risk factors that could cause results to differ materially from forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of
the date of this Prospectus and, accordingly, are subject to change after such date. The Corporation disclaims any intent or obligation
to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result
of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the
Corporation&rsquo;s filings with Canadian securities regulatory agencies, which can be viewed online under the Corporation&rsquo;s profile
on </FONT>the System for Electronic Document Analysis and Retrieval (&ldquo;<B>SEDAR</B>&rdquo;) at <I><U>www.sedar.com</U></I><U>.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>CAUTIONARY NOTE REGARDING FUTURE-ORIENTED FINANCIAL
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus also contains future-oriented
financial information and outlook information (collectively, &ldquo;<B>FOFI</B>&rdquo;) about the Refinery and results of the Refinery
Study (as defined below). This information is subject to the same assumptions, risk factors, limitations and qualifications as set forth
below in the below paragraphs. FOFI contained in this Prospectus is made as of the date of this Prospectus and is being provided for the
purpose of providing further information with respect to the Refinery and results of the Refinery Study. The Corporation disclaims any
intention or obligation to update or revise any FOFI contained in this Prospectus, whether as a result of new information, future events
or otherwise, unless required pursuant to applicable law. Readers are cautioned that FOFI contained in this Prospectus should not be used
for purposes other than for which it is disclosed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>DOCUMENTS INCORPORATED BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
has been incorporated by reference into this Prospectus from documents filed with the securities commissions or similar authorities in
Canada. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Financial Officer
of First Cobalt Corp. at 401 Bay Street, 6th Floor, Toronto, Ontario, M5H 2Y4, telephone (416) 900-3891, and are also available electronically
under the Corporation&rsquo;s profile at <I><U>www.sedar.com</U></I></FONT>. The filings of the Corporation through SEDAR are not incorporated
by reference in this Prospectus except as specifically set out herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents, filed by the Corporation
with the securities commissions or similar authorities in certain of the provinces and territories of Canada are specifically incorporated
by reference into, and form an integral part of, this Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the Annual Information Form;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">the Corporation&rsquo;s amended and restated audited consolidated financial statements for the years ended
December&nbsp;31, 2019 and 2018, and related notes thereto, together with the independent auditor&rsquo;s report thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">the amended and restated management&rsquo;s discussion and analysis for the year ended December&nbsp;31,
2019;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">the Corporation&rsquo;s amended and restated unaudited condensed interim consolidated financial statements
for the three and six months ended June&nbsp;30, 2020 and 2019, and related notes thereto (the &ldquo;<B>Interim Financial Statements</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">the amended and restated management&rsquo;s discussion and analysis for the six months ended June&nbsp;30,
2020 (the &ldquo;<B>Interim MD&amp;A</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">the management information circular of
                                            the Corporation dated July&nbsp;10, 2020 in connection with the annual general and special
                                            meeting of shareholders of the Corporation held on August&nbsp;25, 2020.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
document of the type referred to in item 11.1 of Form&nbsp;44-101F1 &ndash; <I>Short Form&nbsp;Prospectus</I> of National Instrument 44-101
 &ndash; <I>Short Form&nbsp;Prospectus Distributions</I> (&ldquo;</FONT><B>NI 44-101</B>&rdquo;) of the Canadian Securities Administrators
(other than confidential material change reports, if any) filed by the Corporation with any securities commissions or similar regulatory
authorities in Canada after the date of this Prospectus and all Prospectus Supplements disclosing additional or updated information filed
pursuant to the requirements of applicable securities legislation in Canada during the period that this Prospectus is effective shall
be deemed to be incorporated by reference in this Prospectus. These documents are available on SEDAR, which can be accessed at <I><U>www.sedar.com</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The documents incorporated or deemed to be incorporated
herein by reference contain meaningful and material information relating to the Corporation and readers should review all information
contained in this Prospectus and the documents incorporated or deemed to be incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this Prospectus
or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded, for purposes
of this Prospectus, to the extent that a statement contained herein, or in any other subsequently filed document that also is, or is deemed
to be, incorporated by reference herein, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Prospectus. The modifying or superseding statement need not state that
it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.
The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement,
when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required
to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement
so modified or superseded shall thereafter neither constitute, nor be deemed to constitute, a part of this Prospectus, except as so modified
or superseded.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Corporation files a new annual information
form, audited consolidated financial statements and related management&rsquo;s discussion and analysis and, where required, they are accepted
by the applicable securities regulatory authorities during the time that this Prospectus is valid, the previous annual information form,
the previous audited consolidated financial statements and related management&rsquo;s discussion and analysis and all unaudited interim
condensed consolidated financial statements and related management&rsquo;s discussion and analysis for such periods, all material change
reports and any business acquisition report filed prior to the commencement of the Corporation&rsquo;s financial year in which the new
annual information form is filed will be deemed no longer to be incorporated by reference in this Prospectus for purposes of future offers
and sales of Securities under this Prospectus. Upon new unaudited interim condensed consolidated financial statements and related management&rsquo;s
discussion and analysis being filed by the Corporation with the applicable securities regulatory authorities during the term of this Prospectus,
all unaudited interim condensed consolidated financial statements and related management&rsquo;s discussion and analysis filed prior to
the filing of the new unaudited interim condensed consolidated financial statements shall be deemed no longer to be incorporated by reference
into this Prospectus for purposes of future offers and sales of Securities hereunder. Upon a management information circular in connection
with an annual general meeting of shareholders being filed by us with the appropriate securities regulatory authorities during the currency
of this Prospectus, the management information circular filed in connection with the previous annual general meeting of shareholders (unless
such management information circular also related to a special meeting of shareholders) will be deemed no longer to be incorporated by
reference in this Prospectus for purposes of future offers and sales of Securities hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A Prospectus Supplement containing the specific
terms of any offering of Securities will be delivered to purchasers of Securities together with this Prospectus and will be deemed to
be incorporated by reference in this Prospectus as of the date of the Prospectus Supplement and only for the purposes of the offering
to which that Prospectus Supplement pertains.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>MARKETING MATERIALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any &ldquo;template version&rdquo; of any &ldquo;marketing
materials&rdquo; (as defined in National Instrument 41-101 &ndash; <I>General Prospectus Requirements</I> of the Canadian Securities Administrators)
filed by the Corporation after the date of a Prospectus Supplement and before the termination of the distribution of Securities offered
pursuant to such Prospectus Supplement (together with this Prospectus) is deemed incorporated by reference in such Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>THE CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First Cobalt is in the business of cobalt refining
and the acquisition and exploration of resource properties. The Corporation listed on the TSXV and OTCQX and trades under the symbols
 &ldquo;FCC&rdquo; and &ldquo;FTSSF&rdquo;, respectively. The Corporation is focused on building a diversified portfolio of assets that
are highly leveraged to the cobalt market with assets located primarily in North America with the intent of providing a North American
supply of cobalt. First Cobalt has two significant North American assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">The only permitted cobalt refinery in North America capable of producing battery materials (the &ldquo;<B>Refinery</B>&rdquo;);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">The Iron Creek Project in Idaho, the Corporation&rsquo;s flagship mineral project (the &ldquo;<B>Iron
Creek Project</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May&nbsp;4, 2020, the Corporation announced
positive results from an independent engineering study on the Refinery. The study, titled &ldquo;First Cobalt Refinery Project &ndash;
AACE Class&nbsp;3 Feasibility Study&rdquo; (the &ldquo;<B>Refinery Study</B>&rdquo;), was prepared by Ausenco Engineering Canada Inc.
under the definitions of an Association for the Advancement of Cost Engineering (AACE) Class&nbsp;3 Feasibility Study is dated July&nbsp;9,
2020 and was filed on SEDAR under the Corporation&rsquo;s profile at www.sedar.com. The Refinery Study contemplates expanding the existing
facility and adapting it to be North America&rsquo;s first producer of cobalt sulfate, an essential component in the manufacturing of
batteries for EVs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&nbsp;15, 2020, the Corporation announced a new mineral resource estimate for the Iron Creek Project in Idaho, USA. The new mineral
resource estimate was based on infill drilling and limited step-out drilling which included the conversion of 49% of resources from the
inferred mineral resource category to the indicated mineral resource category while also increasing the overall tonnage. The indicated
mineral resource is now 2.2M tonnes grading 0.32% cobalt equivalent (0.26% cobalt and 0.61% copper) containing 12.3M pounds of cobalt
and 29.1M pounds of copper. The inferred mineral resource is now 2.7M tonnes grading 0.28% cobalt equivalent (0.22% cobalt and 0.68% copper)
for an additional 12.7M pounds of cobalt and 39.9M pounds of copper. The Corporation subsequently filed a technical report with respect
to the new mineral resource estimate titled &ldquo;</FONT><I>Technical Report with Updated Estimate of Mineral Resources for the Iron
Creek Cobalt-Copper Project, Lemhi County,&nbsp;Idaho, USA</I>&rdquo; dated November&nbsp;27, 2019 with an effective date of November&nbsp;27,
2019 (the &ldquo;<B>Iron Creek Technical Report</B>&rdquo;). The Iron Creek Technical Report was prepared by Steven J. Ristorcelli, C.P.G.,
P.G, and Joseph Schlitt, MMSA QP, each of whom is a qualified person and &ldquo;independent&rdquo; as such term is defined in National
Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> (&ldquo;<B>NI 43-101</B>&rdquo;) of the Canadian Securities
Administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For further information regarding First Cobalt,
the Refinery and the Iron Creek project, see the Annual Information Form&nbsp;and other documents incorporated by reference in this Prospectus
available at <I><U>www.sedar.com</U></I> under the Corporation&rsquo;s profile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Appointment of Vice-President, Project Development</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&nbsp;17, 2020, the Corporation announced
the appointment of Mark Trevisiol as Vice-President, Project Development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&nbsp;28, 2020, the Corporation announced
the closing of a non-brokered private placement of 8,225,000 units at a price of $0.14 per unit and 8,528,643 flow-through units at a
price of $0.16 per flow-through unit for aggregate gross proceeds of $2,510,010.02. Each unit consisted of one Common Share and one warrant.
Each flow-through unit consisted of one Common Share qualifying as a &lsquo;flow-through share&rsquo; and one half of one warrant. The
warrants issued in connection with the units and flow-through units entitle the holder to purchase a Common Share at a price of $0.21
per Common Share for a period of 24 months from the date of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Optimization Results for Refinery</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September&nbsp;24, 2020, the Corporation announced
initial results from ongoing optimization programs with respect to the Refinery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Commercial Arrangements with Glencore and Extension
of Maturity Date</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November&nbsp;10, 2020, the Corporation announced
that it had re-focused commercial arrangements with Glencore towards a long-term feed purchase contract rather than a tolling arrangement.
The Corporation also announced that it had extended the maturity date on the Glencore Loan Agreement by a year from August&nbsp;23, 2021
to August&nbsp;23, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Amended and Restated Financial Statements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November&nbsp;23, 2020, the Corporation announced
that it had filed amended and restated audited consolidated financial statements for the year-ended December&nbsp;31, 2019 and amended
and restated condensed interim consolidated financial statements for the interim periods ended March&nbsp;31, 2020 and June&nbsp;30, 2020,
along with amended and restated management discussion and analysis for these periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Update Regarding Impact of COVID-19 on Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&rsquo;s business and the anticipated
timing and cost of development work and applicable milestones have not been significantly impacted by COVID-19 to date. Work programs
related to engineering, metallurgical testing and environmental permitting have continued on schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&rsquo;s operations, financial
condition, cash flows and financial performance have also not been significantly impacted by COVID-19 to date. As the Corporation is not
yet operating any mine or facility, the Corporation has not yet had any production or operating cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation does not yet operate a mine or
facility, as such COVID-19 has not have an impact on productivity and the timing or cost of work. The Corporation has proceeded with commercial
discussions during the COVID-19 pandemic and facilitated site visits while following various COVID-19-related protocols.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Previous Disclosure of Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation raised gross proceeds of approximately
$2,500,000 in August&nbsp;2020 by way of non-brokered private placement of units and flow-through units. None of the proceeds received
from this private placement have been utilized as of the date of this Prospectus. Proceeds raised from the sale of the flow-through shares
that comprised part of the flow-through units will be used to incur eligible Canadian Exploration Expenses as defined in the <I>Income
Tax Act</I> (Canada) related to projects in Ontario, Canada. The Corporation intends to use the net proceeds from the sale of the units
for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation raised gross proceeds of approximately
$2,100,000 in February&nbsp;2020 by way of non-brokered private placement of units. The Corporation deployed these proceeds in a manner
consistent with that disclosed by the Corporation in its news release announcing closing of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Working Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of October&nbsp;</FONT>31, 2020, the Corporation had approximately $4,187,000 in cash and approximately $4,500,000 in working capital.
Other than as disclosed in the Interim Financial Statements, the Corporation does not have any current non-contingent resources with which
to fund operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Twelve-Month Burn Rate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation anticipates a twelve-month burn
rate as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">In
    000s</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Nov
    <BR>
    2020</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Dec<BR>
    2020</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Jan<BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Feb
    <BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Mar
    <BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Apr
    <BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">May&nbsp;<BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Jun
    <BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Jul<BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Aug
    <BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 5pt"><FONT STYLE="font-size: 9pt">Sep<BR>
    2021</FONT></TD><TD STYLE="font-size: 5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Oct
    <BR>
    2021</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">TOTAL</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">Opening Cash (as
    at the beginning of the period)</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">4,187</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">3,440</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">2,826</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">2,335</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">2,312</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">2,143</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">1,981</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">1,640</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">1,285</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">886</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">590</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt">304</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">Corporate
    Expenses</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(255</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(167</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(157</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(4</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(155</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(109</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(109</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(155</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(172</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(97</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(86</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(97</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,563</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">Refinery
    Expenses</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(381</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(328</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(322</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(5</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(17</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(14</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,079</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">Cobalt
    Camp</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(50</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(50</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(10</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(13</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(10</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(10</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(196</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(196</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(196</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(196</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(196</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(196</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,319</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">Iron Creek
    Project</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(62</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(69</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(27</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(22</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(29</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(223</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">Total
    Expenses</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(748</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(614</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(491</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(24</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(169</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(163</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(341</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(355</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(399</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(297</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(286</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(297</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">(4,184</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">Ending
    Cash (as at the end of the period)</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">3,439</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,826</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,335</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,311</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,143</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,980</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,640</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,285</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">886</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">589</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">304</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD><TD STYLE="font: 5pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation anticipates being able to continue
operations to advance its projects using its currently available financial resources for the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation anticipates that its cash burn
rate for the next twelve months will be lower than in previous comparable periods. The Corporation previously made significant expenditures
with respect to engineering, field work and metallurgical work at the Refinery. With this work now complete, the Corporation anticipates
focusing on the commencement of pilot plant test work and environmental permitting over the next twelve months. The estimated costs included
above with respect to the Refinery are likely to be evenly split between pilot plant test work and environmental permitting. The Corporation
expects this work to cost less than that previously expended on engineering, field work and metallurgical work at the Refinery. The Corporation
further expects expenditures to remain lower than in previous periods until the Corporation commences ordering long-lead equipment and
starts pre-construction activities at the Refinery. In addition, corporate expenses included in the above anticipated twelve-month burn
rate will be lower than in previous comparable periods as the Corporation will re-direct marketing expenditures and other discretionary
spending towards Refinery execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above burn rate anticipates that the Corporation
has not obtained project financing with respect to the Refinery. Projected expenditures with respect to the Refinery largely relate to
work advancing permitting, completing a pilot plant and engineering work. In the event that the Corporation receives applicable permits
to begin construction at the Refinery in Q2 2021 and secures project financing, the Corporation may begin to incur capital costs related
to the next phase of detailed engineering work and long-lead orders within the next twelve months. This would result in higher expenditures
than forecasted above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation currently anticipates commencing construction activities at the Refinery between Q3 2021 and Q4 2021 at the soonest opportunity
at which applicable permits and project financing have been secured. The Corporation anticipates that should construction activities commence
at the Refinery between Q3 2021 and Q4 2021, the Refinery would be in commercial production in Q4 2022. </FONT>The Corporation anticipates
that it would remain on course for commercial production in Q4 2022 even if construction activities commenced, and related costs commenced
being incurred, beyond the twelve-month forecast provided above in Q4 2021. See &ldquo;Refinery Timeline&nbsp;&amp; Milestones&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Glencore Loan Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August&nbsp;26, 2019, the Corporation finalized a loan agreement with Glencore AG (&ldquo;</FONT><B>Glencore</B>&rdquo;) for a US$5M loan
to support the next phase of Refinery advancement work (the &ldquo;<B>Glencore Loan Agreement</B>&rdquo;). The loan matures on August&nbsp;23,
2021. On November&nbsp;10, 2020, the Corporation announced that Glencore had agreed to extend the maturity date by one year to August&nbsp;23,
2022. The Corporation anticipates that this debt will roll into a larger financing to construct the expanded Refinery and for the debt
to be serviced and repaid through cash flows generated from Refinery operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Refinery Timeline&nbsp;&amp; Milestones</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation is working to advance the Refinery in line with the recommendations provided in the Refinery Study. </FONT>The Refinery is
currently permitted to operate at a nominal throughput of 12 tonnes per day (&ldquo;<B>tpd</B>&rdquo;) and primarily produced cobalt carbonate
during historical operations. The Refinery Study contemplates expanding the existing facility from a 12 tpd operation to a 55 tpd facility
and adapting it to be North America&rsquo;s first producer of cobalt sulfate, an essential component in the manufacturing of batteries
for EVs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&nbsp;24, 2020, the Corporation announced </FONT>initial results from ongoing optimization programs with respect to the Refinery.
Results from these programs, including engineering studies, have demonstrated improved Refinery margins and economics. The Corporation&rsquo;s
current initial capital estimate for the 55 tpd facility is US$60 million with an operating cost estimate of US$2.36/lb of cobalt produced.
Under the Refinery Study, the Corporation&rsquo;s initial capital estimate for the 55 tpd facility was US$56 million with an operating
cost estimate of US$2.72/lb of cobalt produced. While the optimization program resulted in a capital cost increase of US$4 million, the
Corporation anticipates this will result in approximately US$4 million of increased annual pre-tax cash flows. The Corporation further
anticipates US$41 million in undiscounted pre-tax free cashflow forecasted during the first full year of production. This compares to
US$37 million in undiscounted pre-tax free cashflow forecasted during the first full year of production under the Refinery Study. The
Corporation intends to enter into commercial agreements with Glencore and other parties with respect to feedstock supply for the Refinery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation has yet to obtain requisite permits
for a 55 tpd facility and project financing to advance the Refinery towards construction. The Corporation continues to advance these efforts
and the prospective timeline included below remains subject to change depending on the results of such efforts. The Corporation also anticipates
entering into commercial agreements with Glencore and other parties with respect to feedstock supply. The advancement of the Refinery
also remains subject to the Corporation entering into such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, </FONT>until such time as the Corporation has secured applicable permits to begin construction at the Refinery and project
financing, the Corporation will not be in a position to commence construction-related activities. Though the Corporation anticipates commencing
construction activities in Q3 2021 per the timeline below, the burn rate provided under the heading &ldquo;Twelve-Month Burn Rate&rdquo;
above does not include expenditures related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation anticipates that provided the
events highlighted in the timeline below occur as contemplated, the Corporation will be a position to commence commercial production at
the Refinery in Q4 2022. The Corporation anticipates that it would remain on course for commercial production in Q4 2022 even if construction
activities commenced, and related costs commenced being incurred, in Q4 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Q4 2020 &ndash; Submit permits for a 55 tpd facility and complete Refinery pilot plant</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Q1 2021 &ndash; Finalize commercial arrangements with Glencore and other parties</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Q2 2021 &ndash; Receive final permits necessary to commence Refinery construction and secure project financing</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Q3 2021 &ndash; Complete detailed engineering and commence construction activities</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Q4 2022 &ndash; Commence production</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Iron Creek Project</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above under &ldquo;Twelve-Month Burn
Rate&rdquo; the Corporation anticipates spending approximately $263,000 with respect to the Iron Creek Project. The Corporation is currently
undertaking a geophysics program and anticipates undertaking further bulk sampling, sorting and water management activities in the next
twelve months. The anticipated expenditures include sums to maintain mineral claims and patents on all properties comprising the Iron
Creek Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cobalt Camp</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above under &ldquo;Twelve-Month Burn Rate&rdquo; the Corporation anticipates spending approximately $</FONT>1,103,000 with respect
to the Corporation&rsquo;s &ldquo;Cobalt Camp&rdquo; operations in Ontario, Canada. The Corporation anticipates expenditures on a drilling
program and associated assaying costs as well as supporting geophysics and exploration work. The Corporation, however, has yet to finalize
exact particulars with respect to the Corporation&rsquo;s drilling and exploration program at its Cobalt Camp operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before deciding to invest in the Securities, investors
should carefully consider all of the information contained in, and incorporated or deemed to be incorporated by reference in, this Prospectus
and any applicable Prospectus Supplement. An investment in the Securities is subject to certain risks, including risks related to the
business of the Corporation, risks related to mining operations and risks related to the Corporation&rsquo;s securities described in the
documents incorporated or deemed to be incorporated by reference in this Prospectus. See the risk factors below and the &ldquo;Risk Factors&rdquo;
section of any applicable Prospectus Supplement and the documents incorporated or deemed to be incorporated by reference herein and therein.
Each of the risks described in these sections and documents could materially and adversely affect our business, financial condition, results
of operations and prospects, and could result in a loss of your investment. Additional risks and uncertainties not known to us or that
we currently deem immaterial may also impair our business, financial condition, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These risk factors, together with all other information
included or incorporated by reference in this Prospectus, including, without limitation, information contained in the section &ldquo;Cautionary
Note Regarding Forward-Looking Statements&rdquo; as well as the risk factors set out below, should be carefully reviewed and considered
by investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the factors described herein, in the documents incorporated or deemed incorporated by reference herein are interrelated and, consequently,
investors should treat such risk factors as a whole. If any of the adverse effects set out in the risk factors described herein, or in
another document incorporated or deemed incorporated by reference here</FONT>in occur, it could have a material adverse effect on the
business, financial condition and results of operations of the Corporation. Additional risks and uncertainties of which the Corporation
currently is unaware of or that are unknown or that it currently deems to be immaterial could have a material adverse effect on the Corporation&rsquo;s
business, financial condition and results of operations. The Corporation cannot provide assurance that it will successfully address any
or all of these risks. There is no assurance that any risk management steps taken will avoid future loss due to the occurrence of the
adverse effects set out in the risk factors herein, or in the other documents incorporated or deemed incorporated by reference herein
or other unforeseen risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Financing Risks</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&rsquo;s Refinery advancement will
require additional external financing. There can be no assurance that additional capital or other types of financing will be available
when needed or that, if available, the terms of such financing will be acceptable to the Corporation. Furthermore, if the Corporation
raises additional capital by offering equity securities or securities convertible into equity securities, any additional financing may
involve substantial dilution to existing shareholders. Failure to obtain sufficient financing when needed could result in the Corporation
being unable to meet specified timelines for the advancement of the Refinery and may lead to the indefinite postponement of the advancement
of the Refinery. The cost and terms of such financing may also significantly reduce the expected benefits from the Refinery or render
the Refinery uneconomic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Feedstock Supply Agreement Risks</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Refinery Study assessed the economics of the
Refinery on a stand-alone basis, assuming a 70% payability factor on the cobalt content of a cobalt hydroxide feed source based on expert
forecasts for future payability levels (current spot payability is approximately 70-80%). In order to secure the capital required and
a reliable feed source, the Corporation anticipates using the results of the Refinery Study to enter into commercial arrangements with
Glencore and other parties with respect to feedstock supply. There is a risk that the current spot payability levels may change. In addition,
there is a risk that the Corporation fails to enter into commercial agreements with respect to feedstock supply with Glencore and other
parties. If either of these risks materialize, or if the terms of the commercial agreements prove unfavourable to the Corporation, the
economics of the Refinery may no longer be feasible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>COVID-19 and global health crisis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The COVID-19 global outbreak and efforts to contain
it may have an impact on the Corporation&rsquo;s business. The Corporation has implemented various safety measures onsite to ensure the
safety of its employees and contractors. The Corporation continues to monitor the situation and the impact the virus may have on its projects.
Should the virus spread, travel bans remain in place or should one of the Corporation&rsquo;s team members or consultants become infected,
the Corporation&rsquo;s ability to advance its projects may be impacted. Similarly, the Corporation&rsquo;s ability to obtain financing
and the ability of the Corporation&rsquo;s vendors, suppliers, consultants and partners to meet obligations may be impacted as a result
of COVID-19 and efforts to contain the virus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exploration and development</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Resource exploration and development is a speculative
business and involves a high degree of risk. There is no known body of commercial ore on any of the Corporation&rsquo;s mineral properties.
There is no certainty that the expenditures to be made by First Cobalt in the exploration of its mineral properties otherwise will result
in discoveries of commercial quantities of minerals. The marketability of natural resources which may be acquired or discovered by First
Cobalt will be affected by numerous factors beyond the control of First Cobalt including, but not limited to, the COVID-19 pandemic. These
factors include market fluctuations, the proximity and capacity of natural resource markets and processing equipment, government regulations,
including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental
protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in First
Cobalt not receiving an adequate return on invested capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Technical Capabilities of the Refinery</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&rsquo;s strategic priority is
the advancement of the Refinery, with significant metallurgical test work planned and a pilot plant work at third party facilities anticipated.
There is no assurance that the outcomes of this test work and the results of the pilot plant work will be positive and that the Refinery
will have the capabilities to produce specific end products. Furthermore, no assurance can be given that operating the Refinery will be
economically viable. The Corporation will manage these risks through contracting technical experts on metallurgy and engineering to perform
the required analysis and studies on the capability of the Refinery and its projected economics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Negative operating cash flow</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation is an exploration stage company
and has not generated cash flow from operations. The Corporation is devoting significant resources to the development and acquisition
of its properties, however there can be no assurance that it will generate positive cash flow from operations in the future. The Corporation
expects to continue to incur negative consolidated operating cash flow and losses until such time as it achieves commercial production
at a particular project. The Corporation currently has negative cash flow from operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Capital resources</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, capital requirements have been primarily
funded through the sale of Common Shares. Factors that could affect the availability of financing include the progress and results of
ongoing exploration at the Corporation&rsquo;s mineral properties, the state of international debt and equity markets, and investor perceptions
and expectations of the global cobalt markets. There can be no assurance that such financing will be available in the amount required
at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Corporation. Based on the amount
of funding raised, the Corporation&rsquo;s planned exploration or other work programs may be postponed, or otherwise revised, as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Discretion in the Use of Proceeds</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While detailed information regarding the use of
proceeds from the sale of our securities will be described in the applicable Prospectus Supplement, the Corporation will have broad discretion
over the use of net proceeds from an offering by the Corporation of its securities. There may be circumstances where, for sound business
reasons, a reallocation of funds may be deemed prudent or necessary. In such circumstances, the net proceeds will be reallocated at the
Corporation&rsquo;s sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management will have discretion concerning the
use of proceeds scribed in the applicable Prospectus Supplement as well as the timing of their expenditures. As a result, an investor
will be relying on the judgment of management for the application of the proceeds. Management may use the net proceeds described in a
Prospectus Supplement in ways that an investor may not consider desirable. The results and the effectiveness of the application of the
proceeds are uncertain. If the proceeds are not applied effectively, the Corporation&rsquo;s results of operations may suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Securities of First Cobalt are subject to price
volatility</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
and securities markets have a high level of price and volume volatility, and the market price of securities of many companies have experienced
wide fluctuations in price which have not necessarily been related to the operating performance,</FONT> underlying asset values or prospects
of such companies. Factors unrelated to the financial performance or prospects of First Cobalt include macroeconomic developments in North
America and globally, and market perceptions of the attractiveness of particular industries or asset classes. There can be no assurance
that continued fluctuations in mineral or commodity prices will not occur. As a result of any of these factors, the market price of the
Common Shares of First Cobalt at any given time may not accurately reflect the long-term value of First Cobalt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, following periods of volatility in the market price of a company&rsquo;s securities, shareholders have instituted class</FONT>
action securities litigation against them. Such litigation, if instituted, could result in substantial cost and diversion of management
attention and resources, which could significantly harm profitability and the reputation of First Cobalt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sales of a significant number of Common Shares
in the public markets, or the perception of such sales, could depress the market price of the Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a substantial number of Common Shares
or other equity-related securities in the public markets by the Corporation or its significant shareholders could depress the market price
of the Common Shares and impair our ability to raise capital through the sale of additional equity securities. The Corporation cannot
predict the effect that future sales of Common Shares or other equity-related securities would have on the market price of the Common
Shares. The price of the Common Shares could be affected by possible sales of the Common Shares by hedging or arbitrage trading activity.
If the Corporation raises additional funding by issuing additional equity securities, such financing may substantially dilute the interests
of shareholders of the Corporation and reduce the value of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Holders of Common Shares will be diluted</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation may issue additional securities
in the future, which may dilute a shareholder&rsquo;s holdings in the Corporation. The Corporation&rsquo;s notice of articles permit the
issuance of an unlimited number of Common Shares, and shareholders will have no pre-emptive rights in connection with such further issuance.
The directors of the Corporation have discretion to determine the price and the terms of further issuances. Moreover, additional Common
Shares will be issued by the Corporation on the exercise of options under the Corporation&rsquo;s stock option plan and upon the exercise
of outstanding warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Market for Securities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is currently no market through which our
securities, other than our Common Shares, may be sold and, unless otherwise specified in the applicable Prospectus Supplement, our Warrants,
Subscription Receipts or Units not be listed on any securities or stock exchange or any automated dealer quotation system. As a consequence,
purchasers may not be able to resell Warrants, Subscription Receipts or Units purchased under this Prospectus. This may affect the pricing
of our securities, other than our Common Shares, in the secondary market, the transparency and availability of trading prices, the liquidity
of these securities and the extent of issuer regulation. There can be no assurance that an active trading market for our securities, other
than our Common Shares, will develop or, if developed, that any such market, including for our Common Shares, will be sustained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>CONSOLIDATED CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no material changes in the share
and loan capital of the Corporation, on a consolidated basis, since the date of the Interim Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in a Prospectus Supplement,
we currently expect to use the net proceeds from the sale of Securities offered hereby to fund ongoing work programs to advance the Refinery
and the Iron Creek Project, to pursue other exploration and development opportunities, whether through direct or indirect acquisitions
of properties, applications for mineral title rights or otherwise, and for working capital and general corporate purposes. Any specific
allocation of the net proceeds of an Offering to a specific purpose will be determined at the time of the Offering and will be described
in the relevant Prospectus Supplement. The Corporation generates no operating revenue from the exploration activities on its property
interests and has negative cash flow from operating activities. The Corporation anticipates that it will continue to have negative cash
flow until such time that commercial production is achieved at the Iron Creek Project or re-start of the Refinery. To the extent that
the Corporation has negative cash flows in future periods in excess of net proceeds from the sale of Securities, it may need to deploy
a portion of net proceeds from the sale of Securities to fund such negative cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation may from time to time, during
the 25-month period that this Prospectus remains valid, offer for sale and issue Securities. We may issue and sell up to $20,000,000,
in the aggregate, of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer and sell the Securities through underwriters
or dealers, directly to one or more purchasers or through agents. We may offer Securities in the same offering, or we may offer Securities
in separate offerings. Each Prospectus Supplement, to the extent applicable, will describe the number and terms of the Securities to which
such Prospectus Supplement relates, the name or names of any underwriters or agents with whom we have entered into arrangements with respect
to the sale of such Securities, the public offering or purchase price of such Securities and our net proceeds. The Prospectus Supplement
will also include any underwriting discounts or commissions and other items constituting underwriters&rsquo; compensation and will identify
any securities exchanges on which the Securities may be listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities may be sold, from time to time,
in one or more transactions at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale, at prices
related to such prevailing market price, at varied prices determined at the time of sale, or at negotiated prices, including sales in
transactions that are deemed to be &ldquo;at-the-market distributions&rdquo; as defined in NI 44-102, including sales made directly on
the TSXV or other existing trading markets for the Securities. The prices at which the Securities may be offered may vary as between purchasers
and during the period of distribution. If, in connection with the offering of the Securities at a fixed price or prices, the underwriters
have made a <I>bona fide</I> effort to sell all of the Securities at the initial offering price fixed in the applicable Prospectus Supplement,
the public offering price may be decreased and thereafter further changed, from time to time, to an amount not greater than the initial
offering price fixed in such Prospectus Supplement, in which case the compensation realized by the underwriters will be decreased by the
amount that the aggregate price paid by purchasers for the Securities is less than the gross proceeds paid by the underwriters to the
Corporation. We will obtain any requisite exemptive relief, should it be required, prior to conducting &ldquo;at-the-market distributions&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Only underwriters named in the Prospectus Supplement
are deemed to be underwriters in connection with such Securities offered by that Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under agreements which may be entered into by
us, underwriters, dealers and agents who participate in the distribution of Securities may be entitled to indemnification by us against
certain liabilities, including liabilities under applicable Canadian securities legislation, or to contribution with respect to payments
which such underwriters, dealers or agents may be required to make in respect thereof. The underwriters, dealers and agents with whom
we enter into agreements may be customers of, engage in transactions with, or perform services for, us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agents, underwriters or dealers may make sales
of Securities in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an &ldquo;at-the-market
distribution&rdquo; as defined in NI 44-102 and subject to limitations imposed by and the terms of any regulatory approvals required and
obtained under, applicable Canadian securities laws which includes sales made directly on an existing trading market for the Common Shares,
or sales made to or through a market maker other than on a securities exchange. In connection with any offering of Securities, other than
an &ldquo;at-the-market distribution&rdquo;, the underwriters may over-allot or effect transactions which stabilize or maintain the market
price of the Securities offered at a level above that which might otherwise prevail in the open market. Such transactions, if commenced,
may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No underwriter of the &ldquo;at-the-market distribution&rdquo;,
and no person or company acting jointly or in concert with an underwriter, may, in connection with the distribution, enter into any transaction
that is intended to stabilize or maintain the market price of the Securities or securities of the same class as the Securities distributed
under the Prospectus Supplement, including selling an aggregate number or principal amount of Securities that would result in the underwriter
creating an over-allocation position in the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may authorize agents or underwriters to solicit
offers by eligible institutions to purchase Securities from us at the public offering price set forth in the applicable Prospectus Supplement
under delayed delivery contracts providing for payment and delivery on a specified date in the future. The conditions to these contracts
and the commissions payable for solicitation of these contracts will be set forth in the applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each class or series of Securities, other than
the Common Shares, will be a new issue of Securities with no established trading market. Subject to applicable laws, any underwriter may
make a market in such Securities, but will not be obligated to do so and may discontinue any market making at any time without notice.
There may be limited liquidity in the trading market for any such Securities. Unless otherwise specified in the applicable Prospectus
Supplement, we do not intend to list any of the Securities other than the Common Shares on any securities exchange. Consequently, unless
otherwise specified in the applicable Prospectus Supplement, there is no trading market through which the Warrants, Subscription Receipts
and Units may be sold and purchasers may not be able to resell any such Securities purchased under this Prospectus. This may affect the
pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities
and the extent of issuer regulation. See &ldquo;Risk Factors&rdquo;. No assurances can be given that a market for trading in Securities
of any series or issue will develop or as to the liquidity of any such market, whether or not the Securities are listed on a securities
exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, the Corporation has discussed
an &ldquo;at-the-market distribution&rdquo; with one broker-dealer, but discussions are preliminary at this stage and no distribution
agreement has been executed. As of the date hereof, the Board of Directors has not yet approved an &ldquo;at-the-market distribution&rdquo;
by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>DESCRIPTION OF SECURITIES BEING DISTRIBUTED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation is authorized to issue an unlimited
number of the Common Shares. As of November&nbsp;25, 2020, there were 404,100,757 Common Shares issued and outstanding. The Corporation
may issue Common Shares on exercise of Special Warrants (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Common Shares are entitled to receive
notice of any meeting of shareholders of the Corporation, to attend and to cast one vote per share at such meetings. Holders of Common
Shares are also entitled to receive on <I>a pro-rata</I> basis such dividends, if any, as and when declared by the Board of Directors
at its discretion from funds legally available therefor and upon the liquidation, dissolution or winding up of the Corporation are entitled
to receive on a <I>pro-rata</I> basis, the net assets of the Corporation after payment of debts and other liabilities, in each case subject
to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority. The
Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of November&nbsp;25, 2020, there were 38,054,835
Warrants issued and outstanding. The Corporation may issue Warrants to purchase Common Shares. Warrants may be issued independently or
together with other Securities and may be attached to or separate from those Securities. Warrants will be issued under one or more warrant
indentures, including supplemental indentures to one of our existing warrant indentures, to be entered into between the Corporation and
one or more banks or trust companies acting as warrant agent, to be named in the relevant Prospectus Supplement, which will establish
the terms and conditions of the Warrants. A copy of any warrant indenture or supplemental warrant indenture relating to an offering of
Warrants will be filed by us with the securities regulatory authorities in applicable Canadian offering jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description sets forth certain general
terms and provisions of the Warrants and is not intended to be complete. You should read the particular terms of the Warrants that are
offered by us, which will be described in more detail in any applicable Prospectus Supplement. The statements made in this Prospectus
relating to any warrant indenture and Warrants to be issued thereunder are summaries of certain anticipated provisions thereof and are
subject to, and are qualified in their entirety by reference to, all provisions of the applicable warrant indenture and the Prospectus
Supplement describing such warrant indenture. The Prospectus Supplement will also state whether any of the general provisions summarized
below do not apply to the Warrants being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Prospectus Supplement relating to any Warrants
the Corporation offers will describe the terms of the Warrants and include specific terms relating to their offering. All such terms will
comply with the requirements of the TSXV relating to Warrants. This description will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Warrants offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the price at which the Warrants will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the Warrants will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the Warrants will commence and the date on which the right will
expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares that may be purchased upon exercise of each Warrant and the price at which
and currency or currencies in which the Common Shares may be purchased upon exercise of each Warrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the terms of any provisions allowing or providing for adjustments in (i)&nbsp;the number and/or class
of shares that may be purchased, (ii)&nbsp;the exercise price per share, or (iii)&nbsp;the expiry of the Warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether we will issue fractional Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether we have applied to list the Warrants on a securities exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any Securities with which the Warrants will be offered, if any, and the number
of the Warrants that will be offered with each Security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the Warrants and the related Securities will be transferable
separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether the Warrants will be subject to redemption and, if so, the terms of such redemption provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">material Canadian federal income tax consequences of owning the Warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the Warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of Warrants will not be shareholders
of the Corporation. Holders of Warrants are entitled only to receive the Common Shares subject to the Warrants on satisfaction of the
conditions provided in the warrant indenture or supplemental warrant indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Subscription Receipts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of November&nbsp;</FONT>25, 2020, there are no Subscription Receipts outstanding. The Corporation may issue Subscription Receipts that
will entitle holders to receive, upon satisfaction of certain release conditions and for no additional consideration, Common Shares, Warrants,
Units or any combination thereof. Subscription Receipts will be issued pursuant to one or more subscription receipt agreements (each,
a &ldquo;<B>Subscription Receipt Agreement</B>&rdquo;), each to be entered into between the Corporation and an escrow agent (the &ldquo;<B>Escrow
Agent</B>&rdquo;), to be named in the relevant Prospectus Supplement, which will establish the terms and conditions of the Subscription
Receipts. Each Escrow Agent will be a financial institution organized under the laws of Canada or a province thereof and authorized to
carry on business as a trustee. If underwriters or agents are used in the sale of any Subscription Receipts, one or more of such underwriters
or agents may also be a party to the Subscription Receipt Agreement governing the Subscription Receipts sold to or through such underwriter
or agent. A copy of any Subscription Receipt Agreement will be filed by us with the securities regulatory authorities in applicable Canadian
offering jurisdictions and the United States after we have entered into it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description sets forth certain general
terms and provisions of Subscription Receipts and is not intended to be complete. You should read the particular terms of the Subscription
Receipts that are offered by us, which will be described in more detail in any applicable Prospectus Supplement. The statements made in
this Prospectus relating to any Subscription Receipt Agreement and Subscription Receipts to be issued thereunder are summaries of certain
anticipated provisions thereof and are subject to, and are qualified in their entirety by reference to, all provisions of the applicable
Subscription Receipt Agreement and the Prospectus Supplement describing such Subscription Receipt Agreement. The Prospectus Supplement
will also state whether any of the general provisions summarized below do not apply to the Subscription Receipts being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Prospectus Supplement relating to any Subscription
Receipts the Corporation offers will describe the terms of the Subscription Receipts and include specific terms relating to their offering.
All such terms will comply with the requirements of the TSXV relating to Subscription Receipts. This description will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Subscription Receipts offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the price at which the Subscription Receipts will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the Subscription Receipts will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation, number and terms of the Common Shares, Warrants, Units or any combination thereof to
be received by holders of Subscription Receipts upon satisfaction of the release conditions, and the procedures that will result in the
adjustment of those numbers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the conditions (the &ldquo;<B>Release Conditions</B>&rdquo;) that must be met in order for holders of
Subscription Receipts to receive for no additional consideration Common Shares, Warrants, Units or any combination thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the procedures for the issuance and delivery of the Common Shares, Warrants, Units or any combination
thereof to holders of Subscription Receipts upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether any payments will be made to holders of Subscription Receipts upon delivery of the Common Shares,
Warrants, Units or any combination thereof upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the identity of the Escrow Agent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will hold all or a portion of the gross proceeds
from the sale of Subscription Receipts, together with interest and income earned thereon (collectively, the &ldquo;<B>Escrowed Funds</B>&rdquo;),
pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions pursuant to which the Escrow Agent will hold the Common Shares, Warrants, Units
or any combination thereof pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will release all or a portion of the Escrowed Funds
to the Corporation upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">if the Subscription Receipts are sold to or through underwriters or agents, the terms and conditions under
which the Escrow Agent will release a portion of the Escrowed Funds to such underwriters or agents in payment of all or a portion of their
fees or commission in connection with the sale of the Subscription Receipts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">procedures for the refund by the Escrow Agent to holders of Subscription Receipts of all or a portion
of the subscription price for their Subscription Receipts, plus any <I>pro rata</I> entitlement to interest earned or income generated
on such amount, if the Release Conditions are not satisfied;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">any entitlement of the Corporation to purchase the Subscription Receipts in the open market by private
agreement or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether the Corporation will issue the Subscription Receipts as global securities and, if so, the identity
of the depositary for the global securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether the Corporation will issue the Subscription Receipts as bearer securities, registered securities
or both;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">provisions as to modification, amendment or variation of the Subscription Receipt Agreement or any rights
or terms attaching to the Subscription Receipts, including upon any subdivision, consolidation, reclassification or other material change
of the Common Shares, Warrants or other securities of the Corporation, any other reorganization, amalgamation, merger or sale of all or
substantially all of the Corporation&rsquo;s assets or any distribution of property or rights to all or substantially all of the holders
of Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether we have applied to list the Subscription Receipts on a securities exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">material United States and Canadian federal tax consequences of owning the Subscription Receipts; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the Subscription Receipts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of Subscription Receipts will not
be shareholders of the Corporation. Holders of Subscription Receipts are entitled only to receive Common Shares, Warrants, Units or any
combination thereof on satisfaction of the conditions provided in the Subscription Receipt Agreement, including the satisfaction of any
cash payment provided in the Subscription Receipt Agreement, if the Release Conditions are satisfied. If the Release Conditions are not
satisfied, holders of Subscription Receipts shall be entitled to a refund of all or a portion of the subscription price therefor and all
or a portion of the <I>pro rata</I> share of interest earned or income generated thereon, as provided in the Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Escrow</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will provide
that the Escrowed Funds will be held in escrow by the Escrow Agent, and such Escrowed Funds will be released to the Corporation (and,
if the Subscription Receipts are sold to or through underwriters or agents, a portion of the Escrowed Funds may be released to such underwriters
or agents in payment of all or a portion of their fees in connection with the sale of the Subscription Receipts) at the time and under
the terms specified by the Subscription Receipt Agreement. If the Release Conditions are not satisfied, holders of Subscription Receipts
will receive a refund of all or a portion of the subscription price for their Subscription Receipts plus their <I>pro rata</I> entitlement
to interest earned or income generated on such amount, in accordance with the terms of the Subscription Receipt Agreement. The Common
Shares, Warrants, Units or any combination thereof may be held in escrow by the Escrow Agent, and will be released to the holders of Subscription
Receipts following satisfaction of the Release Conditions at the time and under the terms specified in the Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rescission</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will also provide
that any material misrepresentation in this Prospectus, the Prospectus Supplement under which the Subscription Receipts are offered, or
any amendment hereto or thereto, will entitle each initial purchaser of Subscription Receipts to a contractual right of rescission following
the issuance of the Common Shares or Warrants to such purchaser entitling such purchaser to receive the amount paid for the Subscription
Receipts upon surrender of the Common Shares or Warrants, provided that such remedy for rescission is exercised in the time stipulated
in the Subscription Receipt Agreement. This right of rescission does not extend to holders of Subscription Receipts who acquire such Subscription
Receipts from an initial purchaser, on the open market or otherwise, or to initial purchasers who acquire Subscription Receipts in the
United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Global Securities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation may issue Subscription Receipts
in whole or in part in the form of one or more global securities, which will be registered in the name of and be deposited with a depositary,
or its nominee, each of which will be identified in the applicable Prospectus Supplement. The global securities may be in temporary or
permanent form. The applicable Prospectus Supplement will describe the terms of any depositary arrangement and the rights and limitations
of owners of beneficial interests in any global security. The applicable Prospectus Supplement will also describe the exchange, registration
and transfer rights relating to any global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Modifications</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will provide
for modifications and alterations to the Subscription Receipts issued thereunder by way of a resolution of holders of Subscription Receipts
at a meeting of such holders or by a consent in writing from such holders. The number of holders of Subscription Receipts required to
pass such a resolution or execute such a written consent will be specified in the Subscription Receipt Agreement. The Subscription Receipt
Agreement will also specify that the Corporation may amend any Subscription Receipt Agreement and the Subscription Receipts, without the
consent of the holders of the Subscription Receipts, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent
provision, or in any other manner that will not materially and adversely affect the interests of the holders of outstanding Subscription
Receipts or as otherwise specified in the Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of November&nbsp;</FONT>25, 2020, there are no Units outstanding. The Corporation may issue Units consisting of one or more Common Shares,
Warrants, Subscription Receipts or any combination of such Securities. You should read the particular terms of the Units that are offered
by us, which will be described in more detail in any applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Prospectus Supplement relating to any Units
the Corporation offers will describe the terms of the Units and include specific terms relating to their offering. All such terms will
comply with the requirements of the TSXV relating to Units. This description will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Units being offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the price at which the Units will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the Units and the applicable Securities included in the Units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the description of the terms of any agreement governing the Units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">any provision for the issuance, payment, settlement, transfer or exchange of the Units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">the date, if any, on and after which the Units may be transferable separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">whether we have applied to list the Units on a securities exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">material Canadian federal tax consequences of owning the Units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">how, for federal income tax purposes, the purchase price paid for the Units is to be allocated among the
component Securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the Units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing summary of certain of the principal
provisions of the Securities is a summary of anticipated terms and conditions only and is qualified in its entirety by the description
in the applicable Prospectus Supplement under which any Securities are being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable Prospectus Supplement will include
a general summary of certain Canadian federal income tax consequences which may be applicable to a purchaser of Securities hereunder.
Investors should read the tax discussion in any Prospectus Supplement with respect to a particular offering and consult their own tax
advisors with respect to their own particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>PRIOR SALES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information in respect of Common Shares that we
issued within the previous 12-month period, and in respect of securities that are convertible or exchangeable into Common shares, will
be provided as required in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>TRADING PRICE AND VOLUME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are listed and posted for trading
on the TSXV under the symbol &ldquo;FCC&rdquo;. Information in respect of trading price and volume of the Common Shares during the previous
12-month period will be provided as required in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus
Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters in connection with the Securities
offered hereby will be passed upon on behalf of the Corporation by Cassels Brock&nbsp;&amp; Blackwell LLP, with respect to Canadian legal
matters. As of the date hereof, partners and associates of Cassels Brock&nbsp;&amp; Blackwell LLP as a group, own, directly or indirectly,
in the aggregate, less than 1% or no securities of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>INTEREST OF EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to the Iron Creek Project in this Prospectus and the documents incorporated by reference herein and therein has been derived
from reports, statements, or opinions prepared or certified by Steven J. Ristorcelli, C.P.G., P.G, and Joseph Schlitt, MMSA QP, </FONT>and
this information has been included in reliance on such persons&rsquo; expertise. Steven J. Ristorcelli, C.P.G., P.G, and Joseph Schlitt,
MMSA QP are each a qualified person as such term is defined in NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the foregoing persons, or any director,
officer, employee or partner thereof, as applicable, received or has received a direct or indirect interest in the Corporation&rsquo;s
property or the property of any of the Corporation&rsquo;s associates or affiliates. The foregoing persons held an interest in either
less than 1% or none of the Corporation&rsquo;s securities or the securities of any associate or affiliate of the Corporation when they
prepared the Iron Creek Technical Report and after the preparation of such reports and estimates, and they did not receive any direct
or indirect interest in any of the Corporation&rsquo;s securities or the securities of any associate or affiliate of the Corporation in
connection with the preparation of the Iron Creek Technical Report. Neither the aforementioned persons nor any director, officer, employee
or partner, as applicable, of the aforementioned companies or partnerships is currently expected to be elected, appointed or employed
as a director, officer or employee of us or of any associate or affiliate of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
scientific and technical information in this Prospectus has been reviewed and approved by Dr.&nbsp;Frank Santaguida, P.Geo., Vice President,
Exploration at First Cobalt, who is a qualified person under </FONT>NI 43-101. As of the date hereof, Mr.&nbsp;Santaguida holds 141,760
Common Shares, 1,600,000 stock options, 100,000 restricted share units and 36,000 warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>AUDITORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MNP LLP, Chartered Professional Accountants, are
the independent auditors of the Corporation and are independent of the Corporation within the meaning of the Rules&nbsp;of Professional
Conduct of the Chartered Professional Accountants of British Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="ss_001"></A>DOCUMENTS FILED AS PART OF THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents have been filed or furnished with the SEC as
part of the registration statement of which this Prospectus forms a part: (i) the documents listed under the heading &quot;Documents Incorporated
by Reference&quot;; (ii) powers of attorney from our directors and officers, as applicable; (iii) the consent of KPMG LLP; (iv) the consents
of each expert or &quot;qualified person&quot; (for the purposes of NI 43-101) referred to in this Prospectus under the heading &quot;Interests
of Experts&quot;; and (v) the consent of Cassels Brock &amp; Blackwell LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART&nbsp;II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the <I>Canada Business
Corporations Act</I> (the &ldquo;CBCA&rdquo;), we may indemnify our current or former directors or officers or another individual who
acts or acted at our request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs,
charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect
of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his or her association
with us or another entity. The CBCA also provides that we may advance moneys to a director, officer or other individual for costs, charges
and expenses reasonably incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual
does not fulfill the conditions described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, indemnification is
prohibited under the CBCA unless the individual:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acted
honestly and in good faith with a view to our best interests, or the best interests of the other entity for which the individual acted
as director or officer or in a similar capacity at our request; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds
for believing that his or her conduct was lawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our by-laws require us to
indemnify to the fullest extent permitted by the CBCA each of our current or former directors or officers and each individual who acts
or acted at our request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs,
charges and expenses, including, without limitation, an amount paid to settle an action or satisfy a judgment, reasonably incurred by
the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved
because of his or her association with us or another entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our by-laws authorize us to
purchase and maintain insurance for the benefit of each of our current or former directors or officers and each person who acts or acted
at our request as a director or officer, or an individual acting in a similar capacity, of another entity provided the individual acted
in that capacity at our request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Insofar as indemnification
for liabilities arising under the U.S. Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling
the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART&nbsp;III</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UNDERTAKING
AND CONSENT TO SERVICE OF PROCESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.</B></TD><TD STYLE="text-align: justify"><B>Undertaking</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant undertakes
to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly,
when requested to do so by the SEC staff, information relating to the securities registered pursuant to Form&nbsp;F-10 or to transactions
in such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.</B></TD><TD STYLE="text-align: justify"><B>Consent to Service of Process</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concurrently with the filing
of this Registration Statement on Form&nbsp;F-10, the Registrant is filing with the SEC a written irrevocable consent and power of attorney
on Form&nbsp;F-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any change to the name or
address of the Registrant&rsquo;s agent for service shall be communicated promptly to the SEC by amendment to the Form&nbsp;F-X referencing
the file number of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">III - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following exhibits have
been filed as part of the Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit&nbsp;No.</U></B></FONT></TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Annual Information Form&nbsp;of the Registrant, dated April&nbsp;8, 2022, for the year ended December&nbsp;31, 2021 (incorporated by reference to Exhibit&nbsp;99.4 to the Registrant&rsquo;s Registration Statement on Form&nbsp;40-F (File No.&nbsp;001-41356) filed with the Commission on April&nbsp;14, 2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The audited consolidated financial statements of the Registrant </FONT>for the year ended December&nbsp;31, 2021, and the related notes thereto, together with the independent auditor&rsquo;s report thereon (incorporated by reference to Exhibit&nbsp;99.5 to the Registrant&rsquo;s Registration Statement on Form&nbsp;40-F (File No.&nbsp;001-41356) filed with the Commission on April&nbsp;14, 2022)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The management&rsquo;s discussion and analysis for the year ended December&nbsp;31, 2021 (incorporated by reference to Exhibit&nbsp;99.6 to the Registrant&rsquo;s Registration Statement on Form&nbsp;40-F (File No.&nbsp;001-41356) filed with the Commission on April&nbsp;14, 2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The management information circular of the Registrant, dated October&nbsp;22, 2021, with respect to the Annual Meeting to be held on December&nbsp;2, 2021 (incorporated by reference to Exhibit&nbsp;99.13 to the Registrant&rsquo;s Registration Statement on Form&nbsp;40-F (File No.&nbsp;001-41356) filed with the Commission on April&nbsp;14, 2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-22.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1907184/000110465922046071/tm225623d1_ex99-22.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The material change report, dated April&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;99.22 to the Registrant&rsquo;s Registration Statement on Form&nbsp;40-F (File No.&nbsp;001-41356) filed with the Commission on April&nbsp;14, 2022)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2215344d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2215344d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of KPMG LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2215344d1_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2215344d1_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Daniel Pace</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2215344d1_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2215344d1_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of W. Joseph Schlitt</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2215344d1_ex5-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2215344d1_ex5-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Steven J. Ristorcelli</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2215344d1_ex5-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2215344d1_ex5-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Cassels Brock&nbsp;&amp; Blackwell LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="#sub_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="#sub_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney (included in Part&nbsp;III of this Registration Statement)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2215344d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2215344d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 27; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">III - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Toronto, Province of Ontario, Country of Canada, on May&nbsp;</FONT>16, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><B>ELECTRA BATTERY MATERIALS CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Trent Mell</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trent Mell</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer, President and Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 28; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">III - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sub_001"></A><FONT STYLE="text-transform: uppercase"><B>POWER
OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY THESE
PRESENTS, that each individual whose signature appears below hereby constitutes and appoints Trent Mell and Michael Insulan, and each
of them, with full power to act without the other, his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments,
including post effective amendments, and supplements to this Registration Statement on Form&nbsp;F-10, and registration statements filed
pursuant to Rule&nbsp;429 under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or his or her substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Trent Mell</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Executive Officer and Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Principal Executive Officer</I>)</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16</FONT>, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trent Mell</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael Insulan</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Interim Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Principal Financial and Accounting Officer</I>)</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16</FONT>, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Insulan</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John Pollesel</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chairman of the Board of Directors</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16</FONT>, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Pollesel</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Garett Macdonald</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16</FONT>, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Garett Macdonald</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ C.L. &ldquo;Butch&rdquo; Otter</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16</FONT>, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.L. &ldquo;Butch&rdquo; Otter</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Susan Uthayakumar</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16</FONT>, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Susan Uthayakumar</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 29; Options: NewSection; Value: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">III - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AUTHORIZED
REPRESENTATIVE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of Section&nbsp;6(a)&nbsp;of the Securities Act, this Registration Statement on Form&nbsp;F-10 has been signed by
the undersigned, solely in its capacity as the duly authorized representative of the Registrant in the United States, on May&nbsp;</FONT>16,
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CT CORPORATION SYSTEM<BR> (Authorized
    Representative in the United States)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"> <FONT STYLE="font-size: 10pt">/s/ Kathryn A. Widdoes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Kathryn A. Widdoes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt">Assistant Secretary</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 30; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">III - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2215344d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2215344d1_ex5-1img001.jpg" ALT="" STYLE="height: 41px; width: 104px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bay Adelaide Centre</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">333 Bay Street, Suite&nbsp;4600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, ON M5H 2S5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel 416-777-8500</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax 416-777-8818</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Consent of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Electra Battery Materials Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We, KPMG LLP, consent to the use of our report dated April&nbsp;8,
2022, on the consolidated financial statements of Electra Battery Materials Corporation (the &ldquo;Company&rdquo;), which comprise the
consolidated statements of financial position as at December&nbsp;31, 2021 and December&nbsp;31, 2020, the consolidated statements of
loss and other comprehensive loss, cash flows and shareholders&rsquo; equity for the years then ended, and notes to the consolidated financial
statements including a summary of significant accounting policies, which are incorporated by reference herein in the Registration Statement
on Form&nbsp;F-10 of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chartered Professional Accountants, Licensed Public Accountants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Toronto, Canada</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="color: Black">&copy; 2022 KPMG LLP, an
Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>tm2215344d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF DANIEL PACE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby consents to the use of
the undersigned's name and the technical and scientific information which is included in, or incorporated by reference into, the Registration
Statement on Form F-10, being filed with the United States Securities and Exchange Commission and any amendments and exhibits thereto,
of Electra Battery Materials Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Daniel Pace</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Daniel Pace</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date: May 16, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>tm2215344d1_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.3</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF WILLIAM JOSEPH SCHLITT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby consents to the use of the undersigned&#8217;s
name and information derived from the Technical Report titled &#8220;Technical Report with Updated Estimate of Mineral Resources for the
Iron Creek Cobalt-Copper Project, Lemhi County, Idaho, USA&#8221; dated November 27, 2019, which is included in, or incorporated by reference
into, the Registration Statement on Form F-10, being filed with the United States Securities and Exchange Commission and any amendments
and exhibits thereto, of Electra Battery Materials Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-left: 4pt; width: 49%"><FONT STYLE="font-size: 10pt">/s/ W. Joseph Schlitt</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">Name: W. Joseph Schlitt</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">President</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">Hydrometal, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date: May 16, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>5
<FILENAME>tm2215344d1_ex5-4.htm
<DESCRIPTION>EXHIBIT 5.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.4</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF STEVEN J. RISTORCELLI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby consents to the use of the undersigned&#8217;s
name and information derived from the Technical Report titled &#8220;Technical Report with Updated Estimate of Mineral Resources for the
Iron Creek Cobalt-Copper Project, Lemhi County, Idaho, USA&#8221; dated November 26, 2020, which is included in, or incorporated by reference
into, the Registration Statement on Form F-10, being filed with the United States Securities and Exchange Commission and any amendments
and exhibits thereto, of Electra Battery Materials Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-left: 4pt; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Steven J. Ristorcelli C.P.G.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">Name: Steven J. Ristorcelli C.P.G.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">Principal Geologist</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">Mine Development Associates, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Date: May 16, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>tm2215344d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Calculation of Filing
Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Form F-10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>ELECTRA BATTERY MATERIALS
CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Exact Name of Registrant
as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><U>Table 1: Newly Registered
Securities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>In U.S. Dollars</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Security<BR> Type</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Security <BR>Class <BR>Title</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Fee <BR>Calculation <BR>Rule</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Amount<BR> Registered</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Proposed <BR>Maximum <BR>Offering <BR>Price Per <BR>Share</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Maximum <BR>Aggregate <BR>Offering <BR>Price</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Fee <BR>Rate</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: center">Amount of <BR>Registration <BR>Fee</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Equity</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt">Common shares, without par value</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Other</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Warrants</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Other</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Subscription receipts</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Other</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Units</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Unallocated (Universal) Shelf</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 10%; text-align: right">457</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">(o)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<SUP>(1)</SUP>&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<SUP>(1)</SUP>&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 9%; text-align: right">53,683,000</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<SUP>(2)</SUP>&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 9%; text-align: right">0.0000927</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 9%; text-align: right">4,976.42</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 8.4pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="10" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Total Offering Amounts</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">53,683,000</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,976.42</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD COLSPAN="10" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Total Fees Previously Paid</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="10" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 8.4pt">Total Fee Offsets</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD COLSPAN="10" STYLE="font: 7pt Times New Roman, Times, Serif; text-align: center; padding-left: 8.4pt">Net Fee Due</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,976.42</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">There are being registered under this Registration Statement such indeterminate number of common shares, warrants, subscription receipts and units of Electra Battery Materials Corporation (the &#8220;Registrant&#8221;), and a combination of such securities, separately or as units, as may be sold by the Registrant from time to time, which collectively, shall have an aggregate initial offering price not to exceed US$53,683,000 (converted from C$70,000,000 at an exchange rate of C$1.00=US$0.7669, which was the daily exchange rate as reported by the Bank of Canada on May 12, 2022, a date within 5 business days of filing this Registration Statement). Pursuant to Rule 416 under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the securities being registered hereunder include such indeterminate number of common shares, warrants, subscription receipts and units as may be issuable with respect to the securities being registered hereunder as a result of stock splits, stock dividends, or similar transactions. The proposed maximum initial offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this Registration Statement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act.&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2215344d1_f10img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2215344d1_f10img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "" <D# 2(  A$! Q$!_\0
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MX@HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M /D/_P"O1]9Q?_/C_P F0>PP_P#S]_!G4Y'J*,CU%<M_PA[_ //_ /\ D/\
M^O1_PA[_ //_ /\ D/\ ^O1]9Q?_ #X_\F0>PP__ #]_!G4Y'J*,CU%<M_PA
M[_\ /_\ ^0__ *]'_"'O_P __P#Y#_\ KT?6<7_SX_\ )D'L,/\ \_?P9U.1
MZBC(]17+?\(>_P#S_P#_ )#_ /KT?\(>_P#S_P#_ )#_ /KT?6<7_P ^/_)D
M'L,/_P _?P9U.1ZBC(]17+?\(>__ #__ /D/_P"O1_PA[_\ /_\ ^0__ *]'
MUG%_\^/_ "9![##_ //W\&=3D>HK(U;Q!;Z=^[CQ-/\ W >%^I_I6;_PA[_\
M_P#_ .0__KUHZ7X=MM/)DD(GFSPS+POT%)U<;5]R,.3S;O;Y H86'O.7-Y6L
M9<&FZCKTHN-0D:*WZJN,?D.WU-7M5>#0-(,-F@228[0>IZ<G_/K6_P!!7)2*
M/$/B/"MFTMQR>Q /]3^E8UZ$</"U/6K/2[W\WY)(UI576G>>D(ZV6WD:OAS3
MULM-61EQ-, S$]AV'^?6M@D#J<4=*\<^,WB(/<6N@V\A_=?O[C:>Y'RJ?PR?
MQ%>S@L(K1HPV7]7/-Q-=MNI+J>Q;U_O#\Z-Z_P!X?G7R+YC_ -]OSH\Q_P"^
MWYUZG]F?WOP./ZWY'UUO7^\/SHWK_>'YU\B^8_\ ?;\Z/,?^^WYT?V9_>_ /
MK?D?76]?[P_.C>O]X?G7R+YC_P!]OSH\Q_[[?G1_9G][\ ^M^1]=;U_O#\Z-
MZ_WA^=?(OF/_ 'V_.CS'_OM^=']F?WOP#ZWY'UUO7^\/SHWK_>'YU\B^8_\
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M1)%.596((/L:^C_AY?:MJ7@^WN-9#&8L1&[C#21]F/Z\]\9IRZAX%A82)<:
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MG_&NJHH^HU?^?TOP_P @^M0_Y]1_$Y7^U?$7_/A_Y!/^-']J^(O^?#_R"?\
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M_P"@#J'_ 'X:OJ"BC^TI_P J_$/JL>Y\O_\ "%>)_P#H ZA_WX:C_A"O$_\
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M_P#H ZA_WX:C_A"O$_\ T =0_P"_#5]044?VE/\ E7XA]5CW/E__ (0KQ/\
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
+%%%% !1110!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2215344d1_f10img003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2215344d1_f10img003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" "$ <,# 2(  A$! Q$!_\0
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M7_XJO\YG_A_+_P %3?\ HY6'_P -'\%?_G>T?\/Y?^"IO_1RL/\ X:/X*_\
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M * \W_\ ";#?_+S_ $9MP_R5_P#BJ-P_R5_^*K_.9_X?R_\ !4W_ *.5A_\
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M?@\5D7AUDE:G+(?#3+JF48C%4W"-#-.*:ZC6XJSESBTJL7C?:8*A7J\TXX;
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M&:N0Y1ALVQ-6C"->E6IQ?)AW+%3]JFH1DVY<D=9RLI6ULC]Y_#-W_P $S?\
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M&TB]U^^ATZROM>NI;+3%N[AMEO#-<P6UVZ27,I6WMU\DB6XDCA!#2+G]:O\
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M_P"%<>")[F!9&;X@>/(4GUO4=/E.?)N= \$VUSIEV0JNT'CB((VWS%;]T_\
M@KI_P3J^.'_!1OPQ\(_A[\/_ (M>!_ACX$^'^NZYXQ\167BBP\1:I=>)_%EY
M81:+X?N%M]'A6UM[;PYI%QK\<,TT\TL\WB&Y016ZVPDN?2O^"8?[.FD_L"_\
M$]? 6B?$:VM_!OB2R\*Z]\;_ ([W>H20K)I/B/6;%O$6O1ZS-"S0++X+\*V.
MD^&;AHGDC6/P[N\R5M\K_P P7B7_ (.6OV\)?$GB"7PKX7_9\L_"\NMZK)X;
MM-4^'WBJ]U.TT%[ZX;1[;4;N/XB6T=U?0:<;>*\NDM[=)[A))%@B5Q&O,X\<
M>)?BIQ%QCP!/*G_JEBL/EF4XS-ZV$^IT<-1I8O+,-/#0Q-.OAJ^(JR_M/&IJ
MSIPK4\4FVZ36R?#_  IPAEN2<21Q2_MFE5Q.,H82G7=>I5G.EBJRJNE.G5IT
MX+ZM0:NU)TY4>DD?TH_\$D/^"?GQD_X)W?#3XI_"CXC_ !7\'_$[PKXM\9Z5
MXY\'1>%K#7M-?PWK$VCG1O%B74.M1^6\&KV^E^%YK<VCKLGL+QIHRTR/7\TG
M_!Q5^QYJOP6_:TC_ &D]#TZUC^&O[2]M!=3362)$-+^*7A;2-.T[Q;97EO&-
MJ/XAT^'2_%4%Z<-J6H7WB$,GF64LTVWX#_X.5_VWE\<>#F^(7AGX W/@(>*-
M _X3:#1/A_XKLM:E\)'5;3_A(DT>\?X@7R6NJ'2#>"PN'LKQ(KOR7>UN%4Q-
M_2!_P6)_9VTC]L/_ ()T_$VY\)6T/B?Q'X$T#3OV@?A1?Z64O)+^3PKILFLZ
MDND-%N-\/$GP^O\ Q%86%O S&]N;ZP>)9)4A!TP<N-_##Q5R7B;CUY4H<=U:
M^69QB\IJ866"K4JU/#82=6I#"T\/A\-B\+7>68VR4I3IRQ&(;YI569UUD'%G
M"./RKAU8IRR"%/$X*EBH5HUZ=2G*I7A"#JRJU:M&K36*H6YDE)4Z:5HP/QS_
M .#5H?Z9^VW_ ->W[/W_ *.^,)_I7Y;?\' 7'_!43XW_ /8L?![]?A7X4-?J
M3_P:MMB\_;:QQ_H_[/VXY[^=\8L?IV[YZ<5^P7[67_!%/]CO]LGXX>)_C_\
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M9=5V7F?"/_!0K_DANG?]C]H/_IM\15]1?!C_ ))-\-/^Q#\*_P#IELJ^7?\
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M$9M_X>\I_P#F(7_$(<;_ -#S"?\ A!B__EQ_E4T5_JK?\,<?LD_]&M_LY_\
MAD_AK_\ ,Q1_PQQ^R3_T:W^SG_X9/X:__,Q1_P 35Y3_ -$1FW_A[RG_ .8@
M_P"(0XW_ *'F$_\ "#%__+C_ "J:*_U5O^&./V2?^C6_V<__  R?PU_^9BC_
M (8X_9)_Z-;_ &<__#)_#7_YF*/^)J\I_P"B(S;_ ,/>4_\ S$'_ !"'&_\
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M_1$9M_X>\I_^8@_XA#C?^AYA/_"#%_\ RX_RJ:*_U5O^&./V2?\ HUO]G/\
M\,G\-?\ YF*/^&./V2?^C6_V<_\ PR?PU_\ F8H_XFKRG_HB,V_\/>4__,0?
M\0AQO_0\PG_A!B__ )<?Y5-%?ZJW_#''[)/_ $:W^SG_ .&3^&O_ ,S%'_#'
M'[)/_1K?[.?_ (9/X:__ #,4?\35Y3_T1&;?^'O*?_F(/^(0XW_H>83_ ,(,
M7_\ +C_*IHK_ %5O^&./V2?^C6_V<_\ PR?PU_\ F8H_X8X_9)_Z-;_9S_\
M#)_#7_YF*/\ B:O*?^B(S;_P]Y3_ /,0?\0AQO\ T/,)_P"$&+_^7'^5317^
MJM_PQQ^R3_T:W^SG_P"&3^&O_P S%'_#''[)/_1K?[.?_AD_AK_\S%'_ !-7
ME/\ T1&;?^'O*?\ YB#_ (A#C?\ H>83_P (,7_\N/\ *IHK_56_X8X_9)_Z
M-;_9S_\ #)_#7_YF*/\ ACC]DG_HUO\ 9S_\,G\-?_F8H_XFKRG_ *(C-O\
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D !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2215344d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2215344d1_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  _ '<# 2(  A$! Q$!_\0
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M\S5]G>^G;I]R/*?V'_V;K+]D?]E'P/\ #^S2,2:#ID:WTD98K<7LG[RYE!8
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-.K1C^KN%%%%<)VG_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.8
<SEQUENCE>10
<FILENAME>tm2215344d1_ex5-8.htm
<DESCRIPTION>EXHIBIT 5.8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2215344d1_ex5-8img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 16, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Registration Statement on Form F-10 of Electra Battery Materials Corporation <FONT>(the &ldquo;Corporation&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the use of our name in the
Registration Statement on Form F-10 filed by the Corporation on May 16, 2022, as such may thereafter be amended or supplemented, and in
the short form base shelf prospectus dated November 26, 2020, as amended pursuant to an amendment thereto on November 30, 2021 included
therein, on the face page and under the headings &ldquo;Documents Filed as Part of the U.S. Registration Statement&rdquo; and &ldquo;Legal
Matters&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In giving this consent, we do not acknowledge
that we come within the category of persons whose consent is required by the United States Securities Act of 1933, as amended, or the
rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;CASSELS BROCK &amp; BLACKWELL LLP&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2215344d1_ex5-8img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm2215344d1_ex5-8img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2215344d1_ex5-8img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  L *X# 2(  A$! Q$!_\0
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M5/#)?QA49L0W-O)E2PYX/!!^H%>A:_J5[XK^ UMJ$^Y[BTN$\]CR7VDIN_\
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&P459'__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>tm2215344d1_ex5-8img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2215344d1_ex5-8img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !Q W(# 2(  A$! Q$!_\0
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MGI72W6B:9>K$MS8P2K$FQ%9!A5X^7'IP..G J5=+L5C:,6L>QX1;LI7(:,9
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MZGD^M7QP*EM/8I*VX4444AA1110 4444 %%%% !1110 4444 %%%% !1110
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MHQ110 48HHH *,444 %&!110 48HHH *,444 &**** #%%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
3%%%% !1110 4444 %%%% '__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
